2025年12月28日，中国证监会科技监管司副司长刘铁斌在参加中国财富管理50人论坛2025年会时表 示，作为证券期货行业的监管机构，证监会持续密切跟踪人工智能技术在资本市场的应用态势与发展趋 势，遵循人工智能技术自身发展规律，以守正创新、开放包容、依法合规、稳妥有序为原则，稳步提升 资本市场人工智能应用水平，引导证券期货行业把握人工智能等新一代信息技术带来的发展机遇，推动 人工智能成为驱动资本市场高质量发展的重要变革性力量。 刘铁斌表示，回顾2025年，资本市场积极探索人工智能应用，呈现出良好的发展态势。从行业机构 应用来看，呈现"证券行业引领、基金期货跟进、头部机构示范"的特征。在应用场景方面，人工智能已 覆盖投资研究、融资服务、投资者服务、内控管理、信息科技及监督管理等核心领域。 刘铁斌介绍，人工智能在资本市场的深化应用仍面临挑战。从应用层面看，数据标准不统一、高质 量数据源不足与大模型"幻觉"的问题较为突出，算力供给与成本压力也制约了AI技术的规模化、深度化 应用。从监管层面看，适配人工智能技术特性的差异化监管规则尚未成熟，监管的精准性、前瞻性有待 提升，制度供给仍需加强。从风险层面看，网络安全、数据 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new regulations to enhance the supervision of the securities and futures market, aiming to maintain market order and mitigate risks, with the implementation of these regulations set for June 30, 2026 [1][2]. Group 1: Regulatory Developments - The CSRC has released the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets," which includes 25 articles detailing the types of regulatory measures, principles, and procedures for implementation [2][4]. - The new regulations include 14 common regulatory measures such as orders for correction, regulatory talks, and issuance of warning letters, with stricter procedures for more severe measures [3][4]. Group 2: Market Growth - In 2025, the total funds in the futures market and client equity surpassed 2 trillion yuan, driven by an improved variety of futures products, increased corporate hedging needs, and the entry of medium to long-term funds [2][3]. - As of November 2025, there were 164 listed futures and options products, with 18 new products added during the year, and the cumulative trading volume reached 8.117 billion contracts, with a transaction value of 67.545 trillion yuan, reflecting year-on-year growth of 14.74% and 20.19% respectively [1][2]. Group 3: Commitment System Revisions - The CSRC has amended the "Implementation Regulations for the Commitment System of Administrative Law Enforcement Parties," which clarifies the conditions for accepting commitments and standardizes the processing procedures [5][6]. - The revised regulations specify five scenarios under which applications for the commitment system will not be accepted, enhancing the integrity and seriousness of the commitment system [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the implementation regulations for the administrative enforcement commitment system, which will take effect on February 1, 2026, to enhance the clarity of acceptance conditions and standardize processing procedures [1][3]. Group 1: Acceptance Conditions - The revised regulations specify conditions under which the CSRC will not accept applications for the administrative enforcement commitment system, including refusal to cooperate with investigations, inability to pay commitment fees, being listed as a serious credit defaulting entity, and having previously used the commitment system within the last year [2][4]. Group 2: Processing Procedures - The regulations improve processing procedures by clarifying the standard for "necessary investigation," refining application material requirements, and establishing norms for supplementary applications and internal consultation processes [2][4]. Group 3: Integrity Constraints - The regulations strengthen integrity constraints on parties involved, stating that malicious delays in investigations, leaking negotiation content, or probing into case handling information will be treated as violations of integrity principles, with corresponding penalties [2][4]. Group 4: Future Implementation - The CSRC aims to effectively implement the revised commitment system to protect investors' rights, maintain market order, and enhance the efficiency of administrative enforcement [3][5].

21世纪经济报道 记者 崔文静 运行超过17年的证券期货市场监管措施程序规范，完成从"试行"到"正式"的关键一跃。 日前，中国证监会正式发布《证券期货市场监督管理措施实施办法》（以下简称《实施办法》），将于2026年6月30日起施行， 2008年发布的试行办法同步废止。 此次《实施办法》的出台，不仅是对原有试行规定的全面升级与固化，更是对监管实践中长期存在的程序模糊地带进行的一次 系统性廓清，核心在于为监管执法行为本身"立规矩"。 《实施办法》共二十五条，以规章形式明确了监管措施的种类、实施原则与全套程序要求。 其中最受市场关注的亮点在于：清晰界定了监管措施与行政处罚的适用关系，为大量"中间地带"执法行为提供了明确的程序指 引；同时，构建了兼顾当事人权利保障与风险处置效率的弹性机制，特别是在应对紧急风险时设置了快速处置通道。这标志着 中国证监会在落实法治政府建设要求、推进监管执法规范化精细化方面迈出实质性一步。 从"试行"到"规章"：监管工具箱的法治化升级 监管措施，是区别于行政处罚的另一类重要监管手段，以"责令改正""出具警示函""监管谈话"等为代表，其目的在于及时矫正违 法行为、防范风险扩散，具有更强的纠 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets," which aims to further standardize the implementation procedures of regulatory measures in the securities and futures markets, effective from June 30, 2026 [1]. Group 1: Background and Purpose - The regulatory measures are crucial for financial supervision, with the CSRC having established the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets (Trial)" in 2008, which has played a positive role in maintaining market order and protecting legal rights [2]. - The 2008 trial measures have revealed issues such as inadequate procedural rights for parties involved and difficulties in the delivery of regulatory decisions, necessitating updates to align with recent legal developments [2]. Group 2: Key Principles of the Implementation Measures - The drafting of the Implementation Measures adheres to principles of lawful administration, problem orientation, procedural law positioning, and efficiency in regulatory measures [3]. - The measures aim to enhance the standardization of regulatory enforcement and ensure consistency and continuity in CSRC's regulatory practices [3]. Group 3: Content of the Implementation Measures - The Implementation Measures consist of 25 articles, detailing the types of regulatory measures, implementation principles, general and special procedural requirements, and emergency response mechanisms [4]. - It specifies 14 common regulatory measures, including orders for correction, regulatory talks, and issuance of warning letters, while also including a catch-all provision for other supervisory measures [4]. Group 4: Procedural Requirements - General procedural requirements include the need for documentation of evidence collection, decision-making, and delivery of regulatory measures, as well as the requirement for at least two qualified enforcement personnel during on-site enforcement [4]. - The measures stipulate that if a violation is not discovered within two years, regulatory actions are generally not taken unless specified by law or if the effects of the violation persist [4]. Group 5: Special Circumstances and Accountability - In urgent situations where immediate action is necessary to prevent significant harm to financial order or public interest, the implementing agency can bypass prior notification procedures [5]. - The measures outline the requirements for regulatory decision documentation, public disclosure, and the process for parties to appeal decisions, as well as accountability for serious misconduct during the implementation of regulatory measures [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced modifications to the "Administrative Enforcement Commitment System" to enhance the clarity of acceptance conditions and standardize processing procedures, effective from February 1, 2026 [1][2]. Group 1: Implementation and Legal Framework - The "Administrative Enforcement Commitment System" allows entities or individuals under investigation for securities and futures violations to commit to rectifying their actions and compensating investors, leading to the termination of investigations upon fulfillment of these commitments [1][2]. - The system has been positively evaluated for its comprehensive role in remedying, punishing, educating, and resolving market disputes, aligning with the political and social objectives of capital market regulation [2]. Group 2: Key Modifications - The modifications include clearer acceptance conditions, such as disallowing applications from parties that obstruct investigations, lack the ability to pay commitment fees, are on the serious dishonesty list, or have previously used the system within the last year [3]. - The processing procedures have been refined, including standards for necessary investigations, application material requirements, and internal consultation processes [3]. - There is an emphasis on strengthening the integrity constraints on parties, with specific actions deemed as violations of good faith subject to penalties [3]. Group 3: Future Implications - The modifications aim to better protect investors' rights, maintain market order, and enhance the effectiveness of administrative enforcement, contributing to the high-quality development of the capital market [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a decision to amend the implementation regulations of the administrative enforcement commitment system, which will take effect on February 1, 2026, aiming to clarify acceptance conditions and standardize procedures for handling cases of suspected securities and futures violations [1][2]. Group 1: Key Aspects of the Decision - The decision enhances the acceptance conditions for the administrative enforcement commitment system, specifying scenarios where applications will not be accepted, such as when the party obstructs investigations or lacks the ability to pay the commitment fee [2]. - It improves the handling procedures by clarifying the standards for necessary investigations, application material requirements, and internal consultation processes [2]. - The decision strengthens the integrity constraints on parties involved, stating that malicious delays or leaks of information during the commitment process will be treated as violations of integrity principles [2]. Group 2: Impact and Future Directions - Since its implementation in 2021, the administrative enforcement commitment system has effectively played a comprehensive role in remedying, punishing, educating, and resolving market disputes, receiving positive evaluations overall [3]. - The recent amendments are expected to further enhance the system's effectiveness in protecting investors' rights, maintaining market order, and improving administrative enforcement efficiency [3].

此外，决定还完善了办理程序、加强了对当事人的诚信约束等。 决定完善受理条件，规定有下列情形之一的，中国证监会对适用行政执法当事人承诺的申请不予受 理：当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人缺乏交纳承诺 金的能力；当事人被列入证券期货市场严重失信主体名单且未修复；当事人曾因涉嫌证券期货违法行为 适用行政执法当事人承诺制度，自承诺认可协议履行完毕之日起未逾1年；中国证监会基于审慎监管原 则认为不适用行政执法当事人承诺制度的其他情形。 新华社北京12月31日电（记者 刘慧、刘羽佳）中国证监会对《证券期货行政执法当事人承诺制度 实施规定》进行了修改完善，于12月31日发布《关于修改〈证券期货行政执法当事人承诺制度实施规 定〉的决定》，自2026年2月1日起施行。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Implementation Measures for Supervision and Management of Securities and Futures Markets," which will take effect on June 30, 2026, to standardize the implementation procedures of regulatory measures [1][2]. Group 1: Regulatory Measures - The "Implementation Measures" outlines fourteen common types of regulatory measures, including orders for correction, regulatory talks, warning letters, and orders for regular reporting, with a catch-all provision for other supervisory measures as per laws and regulations [1]. - The principles for implementing regulatory measures include legality, efficiency, and fairness, ensuring that actions are based on facts and proportional to the nature and severity of the violations [1]. Group 2: Implementation Procedures - The document specifies procedural requirements for implementing regulatory measures, including evidence collection, decision-making, delivery, on-site enforcement, and special procedures for urgent situations [1]. - It also details the requirements for the issuance and execution of regulatory decisions, including what must be included in the decision document and the procedures for public disclosure and delivery [1]. Group 3: Public Feedback - Prior to finalization, the CSRC sought public opinion on the "Implementation Measures," receiving overall support and recognition from various stakeholders, which led to modifications and improvements based on the feedback [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Implementation Measures for Supervision and Administration of Securities and Futures Markets," which aims to further standardize the procedures for implementing regulatory measures in the securities and futures markets [1][4]. Group 1: Types of Regulatory Measures - The "Implementation Measures" specifies fourteen common types of regulatory measures, including orders for correction, regulatory talks, warning letters, and orders for regular reporting [2]. - It includes a catch-all provision for other supervisory measures as defined by laws, administrative regulations, and CSRC rules [2]. Group 2: General Procedural Requirements - The implementing agency must document the collection of evidence, decisions, and notifications related to regulatory measures [2]. - Regulatory measures requiring on-site enforcement must be carried out by at least two qualified enforcement personnel [2]. - If a violation is not discovered within two years, the agency generally will not take regulatory measures unless specified otherwise by law or if the effects of the violation have not been eliminated [2]. Group 3: Special Procedural Requirements - The agency must provide prior notice to the parties involved, informing them of the type of measures to be taken, the facts, reasons, legal basis, and their rights to make statements or defenses [3]. Group 4: Emergency Response Mechanism - In urgent situations that severely threaten financial order or public interest, the agency can take immediate action without prior notice, subject to approval from the main responsible person [3]. Group 5: Decision-Making and Execution Requirements - The regulatory decision document must specify certain items, including public disclosure requirements and procedures for delivering the decision [3]. - Parties dissatisfied with the regulatory decision can apply for administrative reconsideration or file a lawsuit directly [3]. Group 6: Principles of Lawfulness, Efficiency, and Fairness - The "Implementation Measures" is a response to the need for a law-based government and aims to enhance the standardization of regulatory enforcement [4]. - It emphasizes timely correction of violations and risk prevention while maintaining market order [5].